Successor agencies: due diligence review: finding of completion.

Existing law dissolved redevelopment agencies and community development agencies, as of February 1, 2012, and provides for the designation of successor agencies to, among other things, wind down the affairs of the dissolved redevelopment agencies and to make payments for enforceable obligations, as defined. Existing law requires a successor agency to employ a licensed accountant to conduct a due diligence review to determine the unobligated balances of the former redevelopment agency that are available for transfer to taxing entities. Existing law requires the Department of Finance to issue a finding of completion to a successor agency that completes the due diligence review and meets other requirements. This bill would provide that the requirements of a due diligence review have been satisfied if specified conditions with respect to a transfer of assets are met, and would provide in that event, that the successor agency is entitled to a finding of completion by the department.